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Old 01-20-2015, 05:06 PM
 
Location: Mid-Atlantic
24,657 posts, read 23,624,598 times
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Quote:
Originally Posted by ameridreamNoT View Post
have a will if you're 50 and older...have it clearly stated with a lawyer within the jurisdiction. If you're younger and healthy, not big a deal. that's my take. It does cost some lawyer fee and also maintaining the will up to date with all the assets and financial info accurately stated.
People don't die on some sort of schedule. If you own anything or have any money, you need a will.
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Old 01-21-2015, 06:02 PM
Status: "La-dee-da" (set 24 days ago)
 
Location: East Coast
2,898 posts, read 4,559,556 times
Reputation: 4279
Quote:
Originally Posted by ameridreamNoT View Post
have a will if you're 50 and older...have it clearly stated with a lawyer within the jurisdiction. If you're younger and healthy, not big a deal. that's my take. It does cost some lawyer fee and also maintaining the will up to date with all the assets and financial info accurately stated.
Sorry, I don't agree.

I have a friend who was widowed in her 30s with young children. She and her husband had never gotten around to preparing a will. He died in a car accident, and when she received the settlement from the insurance co., half went to her...the other half went to the children. As I understand it, this was because there had been no will naming her as the sole beneficiary of his estate.

Additionally, if a person has minor children, it's a REALLY good idea to have a will naming guardians for said children.
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Old 01-21-2015, 07:24 PM
 
Location: Somewhere in USA
566 posts, read 487,290 times
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Quote:
Originally Posted by LibraGirl123 View Post
Sorry, I don't agree.

I have a friend who was widowed in her 30s with young children. She and her husband had never gotten around to preparing a will. He died in a car accident, and when she received the settlement from the insurance co., half went to her...the other half went to the children. As I understand it, this was because there had been no will naming her as the sole beneficiary of his estate.

Additionally, if a person has minor children, it's a REALLY good idea to have a will naming guardians for said children.
well if he can afford to make a will with proper process..by all means I have no objection. If he's not too young anymore, then of course a will is a must have. It all comes down to health condition, and such. Remember, the Will will have to be updated as assets and things changed financially.
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Old 04-11-2015, 08:19 AM
 
10,784 posts, read 14,735,049 times
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We had a cousin who died unexpectedly of liver failure well over a year ago. They were fine the day before and died during the night. He was married and he had a will. He was leaving his property to his wife of course
Their parent was a widow and age 91.

How much time has to elapse after the date of death before the deceased's will is no longer valid?

If the 91 year old had died in the weeks or months after the death of her son, who gets her property?
Her deceased son's spouse? She was concerned about this. Fortunately she is now over age 93 and in fairly good health. Once her youngest son died she wanted her property to go to her other son and not to her deceased son's spouse.

Is this a case where the "survivors" who may be leaving property to someone who just died, have to hope they themselves live until the probate period of the deceased is over? (which is around 8-9 months ?)
Or is there a longer time frame that must elapse?

Or should survivors very promptly change their own wills.
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Old 04-11-2015, 09:25 AM
 
433 posts, read 288,694 times
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Can anyone shine some light how much it cost to setup a living trust in California?
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Old 04-11-2015, 10:59 AM
Status: "On The Lookout" (set 12 days ago)
 
Location: The Triad (NC)
28,360 posts, read 61,612,533 times
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Quote:
Originally Posted by hawaiishrimp View Post
Can anyone shine some light how much it cost to (properly, carefully and correctly) setup
(estates, wills and various types of) trusts in California (or anywhere else)?
It depends on how large and/or complicated the various assets are, how complicated
your need/desire for oversight might be and how much of the background, accounting
and other related paperwork is already done before meeting with the attorney.

The professional fees to consult and prepare documents will START at $1000.
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Old 04-11-2015, 12:31 PM
 
Location: SoCal desert
8,093 posts, read 13,170,647 times
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Quote:
Originally Posted by hawaiishrimp View Post
Can anyone shine some light how much it cost to setup a living trust in California?
hawaiishrimp -
Big city lawyer? Little city? Village?
Call at least 3, and price shop.

I had a trust, pour-over will, all directives, and other miscellaneous stuff done for $793 in Riverside in 2012. Lawyer was recommended by my CFP, and I was very happy with him.
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Old 04-11-2015, 01:44 PM
 
481 posts, read 696,763 times
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Quote:
Originally Posted by Giesela View Post
Having a will doesn't necessarily make it easier on the kids to divide up stuff. My mother and I are close but I live out of state. A ******* local lawyer told her to make my sibling the executor because she was local. My sibling who cares nothing for my mother and has always hurt her feelings and ignored both of us. My fear is that my sibling will not divide things by half like my mother wants so they can pass on more to their offspring. They might follow my mothers wishes, I hope I'm misreading the potential. I don't like thinking bad things about my sibling even though we have never been close, but fear will do strange things to the mind.
In a situation like this, where the executor may not be trustworthy, it might work out better if a living trust or will was not prepared (i.e the person passes away intestate), since the estate would go through probate and assets would be distributed equally by the court. If a will alone was prepared, I believe it goes through probate, but I suppose the executor could tamper with the will before submitting it to the court.

Last edited by mark85; 04-11-2015 at 02:37 PM..
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Old 04-12-2015, 07:10 AM
 
3,614 posts, read 2,955,864 times
Reputation: 4995
Quote:
Originally Posted by CaliforniaGal1 View Post
I am the Trustee of a Trust and decided, after all this work and time, that I wouldn't make our son go through all that.

When it's closer to the time, maybe about age 72, we will just put the house in his name. This house we will inherit within a few years. And the land we own, we'll after consulting an expert, he'll get that really early too. Especially if he wants to put a Mobile Home or build on it someday. It's there for him anyhow, not us.

Who starts over at 72 anyhow? He'll be 50 years old by then.

I cannot believe all the hell we are going through with this Trust, all the extra inspections just for the house to go on the Market so the profits can go to the two beneficiaries..

Keeping the bills paid while selling the house. Going to County Offices to do transfer over this and that INTO the trust, (yes it was transfered propertly but after they die, you still have so much to do!)

Phooey. Lets say we've learned to live on cash since then. In case we pass quick, the cash will be here in the house for him. No reason to deal with the banks and such.
Just be aware--if you just put your house/property in your son's name, the taxes could be enormous. It's best if he inherits the house. His cost basis then becomes the value of your house when you die, otherwise it's when you bought the house. Say you lived in a house that you bought when you were first married, paid $10,000 for the house. That house is not worth $1,000,000. If you just put the house in his name, he is taxed on the difference between the $10,000 and the $1,000,000. If he inherits the house, the tax basis is $1,000,000. If he goes to sell the house gets $1,000,000 for the house, no taxes. And all of this only happens after probate, which can be very expensive as well. I'm not sure what "expert" you talked to but it's a really bad plan.

It sounds to me that the trust and the various accounts were not set up well for the trust you are executing right now.
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Old 05-15-2015, 06:21 AM
 
7,969 posts, read 11,596,939 times
Reputation: 10452
Quote:
Originally Posted by Giesela View Post
Having a will doesn't necessarily make it easier on the kids to divide up stuff. My mother and I are close but I live out of state. A ******* local lawyer told her to make my sibling the executor because she was local. My sibling who cares nothing for my mother and has always hurt her feelings and ignored both of us. My fear is that my sibling will not divide things by half like my mother wants so they can pass on more to their offspring. They might follow my mothers wishes, I hope I'm misreading the potential. I don't like thinking bad things about my sibling even though we have never been close, but fear will do strange things to the mind.

Neighbors kids just had a huge row over very small assets, lawyers involved, kids never speaking to each other again. Ugly and crazy and sad.

I do think you should have a will. Get a good lawyer who will really help you consider well and thoroughly.
Someone had direct messaged me? offering advice for this scenario but I cannot for the life of me find that message or who it was. Hoping they check back in and message me. This has come to pass.
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